Apple announced today that the company has officially closed its multi-billion dollar deal for Beats Electronics. In a statement posted on Apple.com, the company said, "Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family. Music has always held a special place in our hearts, and we're thrilled to join forces with a group of people who love it as much as we do. Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We're delighted to be working with the team to elevate that experience even further. And we can't wait to hear what's next."

In late May, Apple and Beats announced the $3 billion deal, which gives Apple both the Beats Music streaming service and the Beats Electronics division, famous for its headphones. The deal was given a thumbs-up from the European Union earlier this week.

It is unknown how Apple will proceed with the Beats brands. Earlier this week, reports came out online that up to 200 employees could be let go at Beats, as it is formally absorbed into Apple.